Forex is the market in which currencies are traded, for example, USD/JPY (US dollar / Japanese yen). A forex robot is an automated trading system that is pre-programmed and can make trades without human intervention (i.e. it attracts no broker fees because there’s no need for a live person to trade forex; instead, money is exchanged by code)
As humans, we aren’t at the computer every day checking markets – especially when we’ve got jobs or commitments to take care of. So what if we could just let our software robots handle the ‘dirty’ work of looking for trading opportunities while attending to other businesses?
If you can’t imagine yourself spending all day glued to your computer, then you might consider using a robot (software that makes the trading decisions for you). However, brokers themselves do not generally offer them because some traders view them as an unfair advantage over other clients.
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Benefits of using a forex robot in Singapore
Whether you should choose to use a robot or not will be entirely up to you, but there are many benefits of using them. The costs of employing a personal robot are usually reasonably low compared to the potential profits of trading currency pairs. They also allow traders more time for other activities such as sleeping or working on their businesses.
Forex robots can remove care and worries from traders lives by taking over the micro-management portion of trading. The intuitive nature means you can trade wherever you are, whenever it suits you best, giving yourself time for other things in life that might otherwise suffer due to your investment schedule or lack thereof.
Using these software programs can protect your account from human error. Since the robot makes trade decisions, there is no need to stare at the screen all day worrying about whether or not to make a trade or when to get in or out of it. Forex robots remove emotion from the equation and make trading easier for everyone.
The popular Forex robots used by Singaporean brokers
There are hundreds of Forex robots available on the market today, each with its unique selling points and algorithms incorporated. A few of the most popular Forex robots are listed below, with a brief explanation of their benefits:
eazyForex – eazyFox2.3
This robot is easy to use and has an impressive win rate, although it requires some human interference since its basic strategy does not seem to be enough in all situations.
Super Forex Bot 1.0
This bot offers multiple profitable features like scalping, trend following and safe risk management that can double your account in just one month. It’s worth checking out if you want high returns without speculating too much on the market conditions.
The Anti Martingale EA 3.0
If you’re looking for something unique that takes the business of profiting from Forex robots to a different level, then this might be what you’re looking for. An EA promises to deliver high profitability with minimal risk involved.
As with most EAs, it requires manual modification, but the benefits are well worth it. These are just three available Forex robots that are pretty popular. The key is to find one where there is sufficient support should you run into any problems or require advice on how best to make manual modifications if required. Failing to do so may result in your trading account being eaten alive by your robot.
Forex robots can provide increased profitability, free time, and profits since they do not fall prey to fear and greed as most traders do. It’s definitely worth the effort and time to find one that fits your trading style, whether it’s scalping or trend following. New traders are advised to open a forex account Singapore with a reputable online broker from Saxo Bank.